How To Purchase Group Medical Insurance Plans

Every business needs to make sure that they provide their employees with good pay and benefits in order to maintain strong morale, improve employee retention, and attract the best team members to your company.

One of the single most important benefits? Medical insurance. Employees expect to receive health insurance coverage from their employers, and if your Oroville, WA business employs more than 50 people then you’ll be legally required to provide them with insurance.

So how do you go about finding the right policy for your business needs? There are multiple things to consider, each of which will have a direct impact on the end results that you get from your group medical insurance plan.

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What Is Required?

First, understand that if you’re a Oroville, WA small business with less than 50 employees, you won’t have any legal obligations when choosing insurance. Instead, you’ll want to take the time to find a policy that fits your needs. Even if you have no requirement to buy insurance, it’s still good to offer a group health policy to employees since it will help them feel better about their role in your business and can help drive up things like morale and retention.

With that in mind, start the process of buying your group medical insurance plan by thinking about exactly what you need and what you want from a policy. Some things to consider include:

  • Coverage amounts
  • Premium costs
  • Additional Coverages such as dental or vision
  • Prescription drug coverage
  • Copay amounts
  • Deductibles

Think about what your employees need and want, and also about the overall budget of your business. Then, you’ll have a clearer idea as to just what you’re looking for when shopping for a policy.

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Choosing Your Policy

Once you understand roughly what you want from your policy, the next step is to find and purchase it. The process starts by contacting our team at 253-970-1718 . You’ll need to provide several pieces of information about your employees and your team. Some of the info includes things like:

  • Number of employees
  • Ages
  • Genders
  • Type of business

With any product, make sure you read every page of the contract. Get explanations for anything you don’t understand.

The reason for gathering the information is so that the insurance companies you receive a quote from can determine the overall level of risk associated with your Washington business and your group. With group insurance, the risk is spread out over the group – one employee may be a higher insurance risk while another may be a very low risk. As such, that higher - risk employee gets the same coverage without having to pay a huge amount out of pocket.

Once that you provide the information, you’ll be given quotes for your policy. It is important that you review the specifics of each policy and look for the very same things that you listed when thinking about your needs – things like copay amounts, deductibles, and costs. Then compare the quotes and your goals to find the right policy for your needs.

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You’ll also have two types of insurance that you can choose from – self insured plans or fully insured plans. Each is structured differently but both provide insurance coverage to Washington employees. It is up to you to determine which option fits into your goals and your budget the best.